Elon Musk Breaks Federal Law & Pockets $156MIL In The Process

With his massive purchase of almost 10% of Twitter, Elon Musk made an extra $156 million for failing to report his purchase for 11 days. By law, investors must notify the SEC whenever they surpass the 5% stake threshold and continued to buy stocks at a discounted value before publicly announcing the purchase and inflating the stock’s price. Cenk Uygur and Ana Kasparian discuss on The Young Turks. Watch LIVE weekdays 6-8 pm ET. http://youtube.com/theyoungturks/live

Read more HERE:
https://www.washingtonpost.com/technology/2022/04/06/musk-twitter-sec/

"Elon Musk was 11 days late in publicly declaring he had amassed a large stake in Twitter. That omission may have earned him $156 million, according to a half-dozen legal and securities experts.

That’s because of a 50-year-old law that requires that investors notify the Securities and Exchange Commission when they surpass a 5 percent stake in a company. Musk reached that benchmark March 14, according to the filings. But he made his public disclosure only Monday.

In between, he continued to buy stock at the price of around $39 per share, bringing his total stake to 9.2 percent. After his disclosure, Twitter’s share price rose roughly 30 percent and is now above $50 per share."

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